Ethereum trades drop to lowest since January 2021

by in Cryptocurrency News


The largest altcoin ether (ETH) is moderately gaining in value this week. On the night of Thursday, July 8, the cryptocurrency rose to $ 2350.

In 24 hours, the capitalization of ETH increased by 3% to $ 274.374 billion. Network activity grew slightly, but the number of transactions on Ethereum, on the contrary, fell to the lowest values ​​since January 2021.

Over the past seven days, the average volume of transactions on the blockchain was in the region of $ 9.9 billion. The last time netizens showed about the same activity at the beginning of the year.

The researchers remind that speculative activity on Ethereum peaked in the first days of May. The number of transactions then approached $ 155 billion.

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In parallel, there is a decrease in the ETH exchange balance. According to Santiment, the volume of cryptocurrency on marketplaces is now at its lowest since November 2018.

This trend once again points to the accumulative strategy of the ether holders, who are confident that the altcoin will grow in value.

To date, the so-called hodlers have accumulated about 48.7 million ETH, which is almost 42% of the total cryptocurrency market supply.